orange county board of county commissioners tefra approval september 22, 2009 nemours children’s...

Orange CountyBoard of County Commissioners TEFRA ApprovalSeptember 22, 2009

Nemours Children’s Hospital Tax Exempt Bonds

Established in 1936

Sole beneficiary of the Alfred I. duPont Testamentary Trust

Proceeds from the Trust support the Enterprise, which includes:

4,100 employees 420 physicians238,000 children 160 researchers802 residents, fellow + students

Who We Are

VISIONFreedom from disabling conditions.

MISSIONTo provide leadership, institutions, and services to restore and improve the health of children through care and programs not readily available, with one high standard of quality and distinction regardless of the recipient’s financial status.

Our Vision and Mission

Delaware Nemours/Alfred I. duPont Hospital for Children Multiple primary care sitesPennsylvania

Thomas Jefferson UniversityBryn Mawr (Main Line)

New JerseyAtlantic CityVoorhees

Florida Orlando (Lake Mary & Viera Satellites)JacksonvillePensacola

Where We Are

Ranked in the Top 25 nationally by Parents magazine

Florida not-for-profit corporation

“501(c)(3)” IRS designation

Headquarters located in Jacksonville, FL

Corporate Overview

In 2008, Nemours physicians and other providers in Florida have cared for:

Over 105,000 patients -- 50,000 were new patients

Nearly 240,000 outpatient visits

Over 25,000 surgical procedures

Nemours Florida

A fully integrated system of care and pediatric health campus offering:

Leading edge clinical care

Physician and health care worker education

Life science research

Prevention and wellness programs

Advocacy programs for children’s issues

Vision for Florida

Located in Medical City

Nemours Children’s Hospital Site Plan - PHASE I + II

About the Project

60-acre campus in Lake Nona’s Medical City Phase 1 encompasses 630,000 SF

95-bed children’s hospital Outpatient specialty clinics Emergency department Diagnostic services Education and Research centers

Construction began in June 2009 and will be completed in the second quarter of 2012

LEED certification planned Total project budget = $380 million

Nemours Children’s Hospital and Clinic in Orlando will represent:

Construction Phase – 5,082 jobs, $166M in wages and economic impact $701M

Early Operational Phase* – 1,905 jobs, $109M in wages and economic impact $414M

* first two years

Maturation Phase* – 2,600 jobs, $81M in wages and economic impact $309M

* first five years

(2007 Milken Institute report)

Economic Impact

Nemours Children’s Hospital

Nemours Children’s Hospital

Amount: Up to $350 millionSafety of Bonds/Strong Pledge

Public Benefit:Tax-exempt bonds (saves hospital 35% per year in interest cost)Reduces health-care costs

Public Cost:NonePayable only from Nemours revenues, not public fundsBondholders have no legal rights to require state, county or city governments to pay

Proposed Issuance of Bonds

Public Notice/Advertisement:Placed in The Orlando Sentinel on August 19, 2009

Date hearing held :Wednesday, September 2, 2009 at 7:30 a.m.Orange County Administration Center, Room 105, First Floor201 South Rosalind AvenueOrlando, FL

Required TEFRA Public Hearing

Adoption of a resolution approving the issuance by the Orange County Health Facilities Authority of its Revenue Bonds (The Nemours Foundation Project), in one or more series or subseries, and bearing interest in one or more modes, in an aggregate principal amount not to exceed $350,000,000, to loan the proceeds thereof to Nemours to finance and refinance a portion of the costs of the aforementioned projects and certain outstanding indebtedness of Nemours which financed a capital project for Nemours' headquarters facility in Jacksonville.

Requested BCC action

Orange CountyBoard of County Commissioners TEFRA ApprovalSeptember 22, 2009

Nemours Children’s Hospital Tax Exempt Bonds